Activities and affiliations

United Kingdom state institutions Liberalism and republicanism 1863–1945 ○ Natural death

Liberal prime minister who led Britain in the later war and argued for moderation towards Germany at the peace conference

Born in Manchester to Welsh parents, he made his name as a radical Liberal orator. As chancellor of the exchequer he introduced the 1909 People’s Budget and the National Insurance Act, laying foundations of the welfare state. After serving as minister of munitions and secretary for war he became prime minister in December 1916. At the Paris Peace Conference he opposed reparations that would wreck the German economy and sought to check French dominance. In 1921 he concluded the Anglo-Soviet Trade Agreement and negotiated the creation of the Irish Free State, but resigned in 1922 when the Conservatives left the coalition. In 1936 he met Hitler and praised him. He died in 1945.

United Kingdom state institutions Liberalism and republicanism 1883–1946 ○ Natural death

British economist who left the Treasury in protest at the peace treaty and warned of the damage reparations would do

Born in Cambridge, he studied mathematics at King’s College. Entering the Treasury in 1915, he designed the terms of credit between Britain and its continental allies. At the Paris Peace Conference he tried to keep Germany’s reparations within its capacity to pay but was largely excluded from the high-level talks, and the treaty’s outcome led to his resignation from the Treasury. The Economic Consequences of the Peace (1919), predicting the treaty’s damaging effects, made him internationally famous. In the Depression he argued that aggregate demand determined the level of economic activity and called for fiscal and monetary policy against slumps, publishing The General Theory in 1936. He led the British delegation at Bretton Woods in 1944, where the American plan largely prevailed. He died of heart attacks in 1946.